Dollar rallies after trade gap data

WanfengZhou

NEW YORK (MarketWatch) - The dollar extended gains against the euro and yen early Wednesday after data showed a narrower-than-expected U.S. trade deficit in May. The trade deficit widened to $63.8 billion in May as both imports and exports set monthly records, the Commerce Department said. Economists expected the deficit to widen to $64.7 billion. The yen fell sharply on speculation that the statement accompanying a widely expected rate hike by the Bank of Japan on Friday may not be as aggressive as expected. The euro was last down 0.4% at $1.2702, while the dollar rose 0.9% to 115.33 yen.

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